J&K records significant hike in tax revenue collection

Jammu, March 31 (SocialNews.XYZ) Jammu and Kashmir has recorded a significant hike of 25.38 per cent in tax revenue collection during 2021-22 (ending March, 2022) against the collections made during the last fiscal, officials said on Thursday.

As per an official spokesperson, the total collections of indirect taxes like GST, excise duty, stamps and tax on motor spirits have been made to the tune of Rs 15,179.42 crore against Rs 12,105.95 crore collected during the previous financial year 2020-21.

Besides, the collection on account of Goods and Services Tax was Rs 11,163.95 crore against Rs 9,020.00 crore collected during the previous financial year thereby recording a robust growth of 23.77 per cent.

The tax collected on sale of motor spirits during 2021-22 was to the tune of Rs 1,829.73 crore against Rs 1,459.92 crore collected during the previous financial year thereby registering a growth of 25.33 per cent.

The buoyant growth in collections in this sector has been achieved despite of recent reduction of tax rate by the government in respect of petrol, diesel and ATF.

In a remarkable accomplishment, the growth of revenue in the stamp duty collection has shown a steep hike of 56.12 per cent as the total collection made have reached Rs 425 crore against Rs 272.22 crore recorded during the last fiscal. Likewise, collections made in the excise duty have been to the tune of Rs 1,760.74 crore against Rs 1,353.81 crore collected during the financial year 2020-21 thereby recording a substantial growth of 30 per cent.

Source: IANS